Benefits of investing in a customised Payroll and HR Software

The purpose of a "Payroll Software" is to do all the payroll tasks automatically, with a lot of ease and accuracy. This involves calculating the salary of the employee, calculation of his statutory deductions, getting the correct amount of payout required and making sure that all the employees get the correct payment on time and the custom payroll software in Nepal is the best for any company.

Apart from calculating the salary it also calculates all kinds of statutory dues, generates reports in the appropriate formats, as mandated by the law and files these reports to the relevant government departments with correct amounts. 

Why use a Payroll and HR software?

Payroll software will provide several benefits to the user, the employee or the organization. Still not sure? Take a look at these!

1.      Less Cost

The advent of software as a service has made everyone want to pay only for whatever they use. Even if it’s the fundamental functions, organizations want their SaaS to be managed using software that can scale everything correctly. No one wants to invest big right at the start. A cloud based HR and payroll service is also available at monthly, quarterly and half-yearly rates that will suit everyone.  Hence hiring a Payroll service is more cost-efficient.

2. Easy to Use

   A Payroll Software can be easily personalized with a large number of features, options, policies and business rules based on the requirements of an organization. All necessary data for the Payroll such as payment information, attendance data, salary structure, etc are automatically generated using the software. The payroll of any employee can be easily generated with the click of a button irrespective of the size of the company.

3.  A Relief from Regulatory Aspects

  Monthly tax calculations, filing statutory remittances, deductions are extremely time-consuming and frustrating and can be the reason for all the hidden costs that are causing loss for your organization.  Also, incorrect data-filing can lead to penalties and fines. Therefore, installing a Payroll Software is great for keeping tabs on the payroll systems for small businesses.

4. Fast and Easy Payroll Reconciliation

By using a variety of reconciliation tools, Payroll software provides an organization with high accuracy in each of the calculations. Current payrolls can be compared with those of the previous months, salary registers can be customized and payroll statements can be generated as per one's need.  This software allows the person handling it, to take the back seat while the software does all the work for him, giving him the scope to handle other crucial aspects of the job and thus increasing the productivity and efficiency.

 5.  Inbuilt Software to compute Leave and Attendance Data

Advanced Payroll systems are also perfect for calculating complex data such as attendance, leave and even employee information management. This can make it tedious as one has to constantly switch between systems for computing payroll and calculating different taxes.  But with a custom Payroll software, that offers a strong integration - everything can be done on the same platform.  This saves a lot of time that would otherwise have been wasted on manual data entry and verification.

Hence using a custom Payroll and HR software is much more cost-efficient, easy and will definitely benefit the organization that is using it.